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By Steve Norton
CEO, Norton Management

Developer Gets OK to Build Luxury Majestic Las Vegas Near Strip

My comment:

A non-casino, deluxe hotel next to the new Las Vegas Convention Center expansion is good news for the convention and trade show events coming to the Strip in Las Vegas. But, I can't see any way that a 720

By Steve Norton
CEO, Norton Management

Are There Enough Gamblers to Keep Bay State Casinos in Business?

My comment: 

After a close examination of the demographics, tax rates, nearby competition and facility amenities, I find it likely that Boston Encore will produce the highest gaming revenues of any North American commercial casino. There are several tribal casinos that exceed a billion dollars in casino win, but I can't find one commercial property that even reaches $800 million.

The new MGM casino in Springfield, Massachusetts, is the primary reason for the fiscal first-half 6.3 percent EBITDA decline, Foxwoods said.

EBITDA fell 21.6 percent in the second quarter as net revenues fell 6.9 percent and margins fell 3 points to 15.7 percent. This was partially offset by a 3.6 percent decline in operating costs.

Table drop fell 11.1 percent to $241.186 million in the quarter and slot handle 7.2 percent to $1.280 billion. Table hold rose 0.66 points to 18.3 percent.

RevPAR fell 5 percent in the quarter to $85. Occupancy rate was 90.5 percent, down 0.9 points.

New Jersey is suing the US Department of Justice for not responding to its request for information seeking proof of communications between the department and Las Vegas Sands CEO Sheldon Adelson or his lobbyists that could have potentially influenced the department’s new Wire Act opinion.

New Jersey Atty. Gen. Gurbir Grewal brought suit in a US District Court in New Jersey saying the department failed to respond within the required 20 days to his Freedom of Information Act requests filed in February.

According to Grewal, the department acknowledged receiving the request in March and promised expedited processing but has not provided any records or reasons for the delay.